UAE, India look to double trade to at least $100B over five years

The United Arab Emirates and India are seeking to more than double non-oil trade to at least $100 billion over five years as the

Gulf Arab state works to deepen ties with fast-growing economies beyond the Middle

East. The two governments are set to start talks on an economic pact aimed at boosting business, investment and jobs, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on a visit to New Delhi for talks with

Indian Commerce Minister Piyush Goyal.

“Both sides have drawn up a very aggres- sive and ambitious time-frame and aim to conclude negotiations by December 2021,” Goyal said at a press conference on Wednes- day. “We hope to sign formal agreements in early 2022.” The UAE is trying to burnish its credentials as a global hub for business and finance in the face of growing regional competition from Saudi Arabia. Earlier this month, the government said it plans to work on comprehensive economic agreements with countries showing high potential for growth, mainly in Asia and Africa. Last week, it said it plans to invest up to $14 billion in Britain. India is seeking better trade links to revive its economy after a deadly second wave of the pandemic this year. The country is already the UAE’s second-largest trading partner, with around $40 billion in non-oil trade before the pandemic hit. The UAE says bilateral trade could reach up to $100 billion in the five years after the pact is agreed and Goyal said that target may be revised upwards. Indian nationals make up one of the largest population groups in the oil-rich UAE, a major source of foreign remittances. India is also an important market for UAE airlines Emirates and Etihad. On a political level, UAE royals helped broker talks between India and Pakistan earlier this year. Source: aljazeera.com